BPG Group is a company based out of Slovakia. The group is a precious metal refiner, also into fund management, recycling, refining etc.
According to the press release,
“Distributed ledger technology is a game changer and supplying metals on Ripple blockchain is solving many challenges that have traditionally been part of the user experience with exchange-traded funds or physical precious metals. Ripple implementation in metals trading is just the start of the adoption of blockchain technology which will radically transform the economy.”
The overheads that result from the existing trading system can be radically decreased with the implementation of DLT. DLT also provides transparency to the securitization of physical assets as well. Therefore, it can provide a greater clarity into this complex system creating more room for innovation and optimization.
BPG has created a gateway called ekovind or e-Metals where investors can trade commodities like gold, silver, palladium etc through their respective tokens XAU or XAG. These tokens act as an IOU for which holders of these tokens receive physical ownership of the commodities. The commodities will be stored in BPG’s vault or their security carrier partner Malca Amit.
This represents another significant use case for Ripple Labs. Whatever doubts people may have on their cryptocurrency XRP, there is no doubt that the Ripple Consensus Ledger has provided tremendous interest from banks across the world like UBS, Standard Chartered etc. Now, this use case represents another trillion dollar opportunity to exploit.
RPG Group Tweeted:
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